| PM |
8-K · Filed 21 Oct 2026 |
| Philip Morris International · Q3, quarter ended 30 Sep 2026 |
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Earnings release · before the open |
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The read
Revenue +5.5%; adjusted EPS $2.36 (+5%), above its own guide. Adjusted Diluted EPS guide cut to $8.29 to $8.44. Revenue growth of +5.5% is the slowest since Mar 2023, 14 quarters back. |
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WHAT THE HEADLINE NUMBERS DO NOT SHOW
Worked out from this release and the company's earlier ones. The release does not state these.
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Revenue growth of +5.5% is the slowest since Mar 2023, 14 quarters back. From the company's quarterly filings with SEC, checked against its releases. |
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QUESTIONS FOR THE CALL | 1 | What makes this the slowest revenue growth since Mar 2023? |
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THE PRINT | • | Above its own guide; full-year guide cut. Adjusted diluted EPS $2.36 against $2.29 to $2.34. | | • | Revenue $11,438m, +5.5% on last year, slowest growth of 9 quarters. The quarter a year ago grew 9.4%. | | • | Adjusted EPS $2.36, +5% on last year. Reported EPS $2.12 against $2.23 (−5%). | | • | Against last quarter: revenue +2.2%; the same step was +7.0% last year and +4.7% the year before. | | • | Longer record, from the company's filings with SEC: reported operating margin of 42.5% is the highest Q3 since Sep 2020. Margins are set against the same quarter of earlier years. |
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GUIDANCE
| July | Now | |
| Net revenue growth | – | 5% to 7% on an organic basis | | | Organic operating income growth | – | 7% to 9% | | | Reported Diluted EPS | $7.28 to $7.43 | $7.11 to $7.26 | Cut | | Adjusted Diluted EPS | $8.35 to $8.50 | $8.29 to $8.44 | Cut | | Adjusted Diluted EPS, excluding currency | $8.11 to $8.26 | $8.11 to $8.26 | Held | | Operating cash flow | $13.5bn | $13.5bn | Held | |
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TREND Revenue growth
| Sep 24 +8.4% |
Sep 26 +5.5% |
Down from +10.4% in Jun 26
Slowest growth of 9 quarters | Operating margin, change on last year
Down from +387bp in Jun 26
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Each chart shows one measure's own trend, oldest quarter on the left, latest in dark teal. Bar heights are not comparable between charts. |
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REVENUE DRIVERS Revenue $11,438m, +5.5% Third-Quarter 2026 Performance
| Revenue | Growth | Organic | Gross Profit | Growth |
| International Smoke-Free | $3.9bn | +0.7% | +3.4% | $2.7bn | +0.8% | | International Combustibles | $6.7bn | +6.5% | +7.8% | $4.6bn | +8.6% | | U.S. | $0.8bn | +22.7% | +22.7% | $0.5bn | +24.2% | | PMI | $11.4bn | +5.5% | +7.1% | $7.9bn | +6.7% | As the release reports them; growth on the same quarter last year. | • | Company figures, growth on last year — Shipments +0.6%; HTU adjusted IMS +7.1%; PMI HTU adjusted IMS +3.4%; Outside Europe and Japan, adjusted IMS +12.7%; Shipment volume +2.7%. |
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QUALITY OF THE NUMBER | • | Reported EPS was $0.24 below adjusted; a year ago it was $0.01 below adjusted. What the company leaves out of adjusted EPS swung by $0.23 a share, more than the $0.11 fall in reported EPS (calculated). |
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THE STOCK ON EARNINGS DAY
| Quarter | Released | Close before | Close after | Move |
| Sep 26 | 21 Oct | $199.90 | $197.46 | −1.2% | | Jun 26 | 22 Jul | $188.04 | $194.30 | +3.3% | Close on the last trading day before the release against the close on the day the market first traded on it (the next day for a release after the close, judged by the time SEC accepted the 8-K). Average move either way: 2.3% over 2 releases. Daily closes from Alpha Vantage; not adjusted for splits. |
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FILING & DISCLOSURE CHANGES | • | New in the release tables: Dutch pension plan buy-out loss. |
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FINANCIAL SUMMARY
| Quarter | Year ago | Change |
| Income statement | | Revenue | $11,438m | $10,845m | +5.5% | | Gross margin (calc.) | 68.7% | 67.9% | +79bp | | Operating margin (calc.) | 42.5% | 39.3% | +323bp | | Diluted EPS | $2.12 | $2.23 | −5% | | Adjusted EPS | $2.36 | $2.24 | +5% | |
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SOURCE
Earnings release, 8-K filed 21 Oct 2026. Compared with the company's 12 earlier earnings releases, back to 19 Oct 2023.
Guidance comparisons are from the Guidance Scorecard record for this release. Lines beginning "Company" are the company's own words, quoted from the release; the earnings call and the 10-Q are not covered here. Every other line is taken or worked out from the company's figures. Lines marked "calculated" are worked out from figures in the releases and are not stated by the company. A ranking "of 9 quarters" counts the nine quarters from Sep 2024 to Sep 2026; a shorter count runs back from this quarter. The average margin is profit over revenue; an incremental margin is the change in profit over the change in revenue. Built from SEC filings; stock closes from Alpha Vantage; no consensus data. Not investment advice. |
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